KUALA LUMPUR: UMediC Group Bhd's net profit jumped 59.2 per cent to RM2.0 million in the third quarter (Q3) of financial year ending July 31, 2023 from RM1.30 million a year ago.
The medical device company recorded a revenue of RM9.6 million, up 48.1 per cent from RM6.5 million last year.
UMediC attributed the stronger financial performance mainly to its marketing and distribution as well as manufacturing segments.
The segments saw higher demand for medical devices and consumables from both public and private hospitals as well as healthcare service providers.
The higher revenue was also due to the increase in the sales of its manufactured medical consumables, namely HydroX series prefilled humidifiers and AirdroX series inhaler spacers, with a favourable foreign exchange rate for overseas revenue.
UMediC executive director and chief executive officer Lim Taw Seong said it had once again delivered a stellar set of results for Q3 2023.
Lim said given the government's emphasis and commitment towards improving the nation's healthcare quality, it remained optimistic that the healthcare sector would continue to see robust growth.
This will primarily be driven by the government's intent to upgrade and establish new healthcare facilities to cater for the rapidly growing and ageing population.
Lim said in anticipation of higher sales volume, UMediC was building a new factory in Batu Kawan, Penang to boost production capacity and continuously grow its manufacturing segment as it introduced more new products over the coming years.
He said this paired with UMediC's recent acquisition of Patho Solutions (M) Sdn Bhd, which would allow the company to have a better market exposure diversifying into laboratory equipment as well as consumables.
"This will have the potential to scale to the size of our medical business segments given the market size of this segment is expected to be worth US$85.8 million by 2030 according to Market Research Future.
"We plan to collectively grow this segment in tandem with our medical side to better facilitate our growth," he said.